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Industrial & Commerical Offers To Take Hong Kong Unit Private

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bank_2 August 11, 2010 (Chinavestor) Industrial & Commerical Bank of China (HKG:1398), the largest bank in China and the world, is offering to take its Hong Kong unit, Industrial & Commercial Bank of China (Asia) (HKG: 349) private in a deal worth $1.4 billion. The news sent shares of Industrial & Commercial Bank of China (Asia) (HKG:0349) to their biggest gain since going public in 1990.

The offer values Industrial & Commercial Bank of China (Asia) (HKG:0349) at 2.14 times book value, well above the average ratio of 1.68 among eight Hong Kong-traded rivals, according to Bloomberg News. Industrial & Commerical Bank of China (HKG:1398) has been active acquirer over the past two years, spending $6 billion to purchase banks all over the world.

New York-based Goldman Sachs (NYSE:GS) is advising Industrial & Commerical Bank of China (HK:1398) on the purchase plan. The bank owns almost 73% of the Hong Kong business. Industrial & Commercial Bank of China (Asia) (HKG:0349) had a tier one capital ratio at the end of last year.



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